Australia's largest cattle producer Australian Agricultural Company (AACo) made an $8.4 million loss in 2012 due to the impact of a suspension of live exports.But the company has forecast a turnaround in 2013, after holding back its herd to gain weight and then sell into an improving market. AACo also said recent heavy rains had not fallen on its pastures and that would have a positive impact on cattle markets.The company's loss for the 12 months to December 31 was down from a net profit of $10.5 million in 2011.
A $41 million write-down in the value of its properties in northern Australia was the main contributor to the profit fall.
In early trade, AACo shares were down half a cent - 0.04 per cent - at $1.245. AACo said that write-down was made because of the federal government's suspension of live cattle exports to Indonesia in 2011, and Indonesia's subsequent halving of cattle import quotas.
But, managing director David Farley, said the company was poised to generate positive cash flow in 2013.
